A diversified hospitality and entertainment operator specializing in theme parks and resort experiences with a strong focus on asset-heavy leisure destinations.
The company demonstrates robust operational cash generation capabilities with operating profit margins supporting its capital needs, and recent revenue growth indicates successful market penetration or pricing power in the leisure sector. The positive net income trend over the last few years, culminating in a strong 2025 performance, suggests an improving business model that can weather economic headwinds.
The balance sheet is burdened by large amounts of goodwill and treasury stock, which could erode shareholder value through impairments or dilution if not managed effectively. The massive negative cash flow from investing activities raises concerns about the sustainability of current growth strategies and the potential for liquidity constraints if financing conditions tighten.
Pursuit Attractions & Hospitality, Inc. operates as a diversified hospitality and entertainment conglomerate with interests in theme parks, resorts, and leisure attractions across North America. The company leverages its extensive portfolio of real estate assets to generate revenue through ticket sales, food and beverage operations, and accommodation services for both domestic and international tourists. Its financial profile reflects a significant investment in long-term fixed assets and a complex balance sheet characterized by substantial goodwill and treasury stock holdings.
While the company reported a positive operating profit of $55.0M and strong operational cash flow of $74.3M in the latest period, the net change in cash was negative due to massive investing outflows of $151.5M, likely related to acquisitions or major capital expenditures. The significant increase in revenue from $366.5M to $452.4M suggests a recovery or expansion phase, yet the balance sheet shows high leverage with total liabilities exceeding $300M against equity of roughly $660M.
The leisure and hospitality industry is cyclical and heavily dependent on consumer confidence, travel trends, and seasonal weather patterns which directly impact occupancy rates and ticket sales. Companies in this sector face ongoing challenges from rising labor costs, energy prices, and competition from alternative entertainment options that offer lower-cost alternatives to traditional theme parks.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.13B | $1.24B | $366.5M | $452.4M |
| Cost of Revenue | $0 | $0 | $0 | $34.6M |
| Gross Profit | $1.13B | $1.24B | $366.5M | $417.8M |
| Operating Expenses | $1.06B | $1.13B | $411.9M | $362.8M |
| Operating Income | $68.9M | $108.4M | $-45.4M | $55.0M |
| G&A | — | — | — | $80.1M |
| Stock-Based Comp | $10.2M | $11.5M | $11.2M | $7.4M |
| D&A | $52.5M | $51.0M | $43.0M | $46.1M |
| Depreciation | $43.0M | $42.2M | $38.4M | $40.6M |
| Amortization | — | — | $3.3M | — |
| Other OpEx | — | — | — | $282.7M |
| Non-Operating Income | $-34.3M | $-65.4M | $0 | $0 |
| Interest Expense | $34.9M | $48.0M | $14.2M | $8.8M |
| Pre-Tax Income | $34.6M | $43.1M | $-45.4M | $55.0M |
| Income Tax | $10.0M | $18.8M | $6.3M | $16.5M |
| Continuing Ops | $24.6M | $24.3M | $-51.8M | $38.5M |
| Discontinued Ops | $148.0K | $-822.0K | $425.6M | $-2.2M |
| Net Income | $24.8M | $23.5M | $373.8M | $36.3M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $24.8M | $23.5M | $373.8M | $36.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $239.6M | $235.8M | $117.4M | $63.7M |
| Cash & Equivalents | $59.7M | $52.7M | $49.7M | $31.1M |
| Accounts Receivable | $122.4M | $128.0M | $9.3M | $9.2M |
| Inventory | $10.8M | $10.2M | $10.0M | $12.1M |
| Other Current Assets | $46.7M | $44.9M | $48.4M | $11.3M |
| Long-Term Assets | $850.8M | $901.5M | $727.6M | $901.8M |
| PP&E (Net) | $549.6M | $592.9M | $526.2M | $649.3M |
| Intangibles | $59.0M | $56.0M | $64.4M | $75.6M |
| Goodwill | $121.4M | $123.9M | $103.3M | $150.4M |
| Operating Leases | $102.8M | $109.8M | $26.8M | $26.3M |
| Other LT Assets | $18.0M | $19.0M | $6.9M | $79.0K |
| Total Assets | $1.09B | $1.14B | $845.0M | $965.4M |
| Current Liabilities | $211.1M | $229.8M | $76.4M | $78.8M |
| Accounts Payable | $73.0M | $77.4M | $22.5M | $21.0M |
| Current Leases | $13.5M | $17.3M | $3.1M | $3.4M |
| Deferred Revenue | $44.0M | $53.0M | $12.4M | $14.5M |
| Other Current Liab | $80.7M | $82.1M | $38.4M | $40.0M |
| Long-Term Liabilities | $644.8M | $637.6M | $151.9M | $226.3M |
| LT Operating Leases | $101.3M | $106.1M | $36.3M | $35.3M |
| Other LT Liab | $543.5M | $531.5M | $115.6M | $190.9M |
| Total Liabilities | $856.0M | $867.4M | $228.3M | $305.0M |
| Shareholders' Equity | $234.4M | $269.9M | $616.7M | $660.4M |
| Retained Earnings | $-334.3M | $-326.1M | $33.7M | $57.2M |
| AOCI | $-47.2M | $-40.4M | $-64.5M | $-41.8M |
| Treasury Stock | $211.7M | $195.7M | $171.5M | $166.7M |
| Total L&E | $1.09B | $1.14B | $845.0M | $965.4M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $24.8M | $23.5M | $373.8M | $36.3M |
| Non-Cash Adjustments | $-11.6M | $84.3M | $-360.0M | $37.1M |
| Working Capital Changes | $60.3M | $-3.1M | $35.8M | $897.0K |
| Cash from Operations | $73.4M | $104.7M | $49.7M | $74.3M |
| Cash from Investing | $-63.3M | $-74.9M | $350.8M | $-151.5M |
| Share Buybacks | $0 | — | — | $10.2M |
| Dividends Paid | $0 | — | — | — |
| Cash from Financing | $-6.1M | $-36.2M | $-401.1M | $51.3M |
| FX Effect | $-3.8M | $806.0K | $-1.3M | $1.6M |
| Net Change in Cash | $261.0K | $-5.5M | $-3.0M | $-24.4M |
| Beginning Cash | $64.3M | $64.6M | $59.0M | $56.1M |
| Ending Cash | $64.6M | $59.0M | $56.1M | $31.7M |
Theme parks and attractions generating the core revenue stream, resort hotels and lodging services, food and beverage operations within leisure properties, and specialized event management services.
Heavy reliance on discretionary consumer spending makes revenue highly sensitive to economic downturns and inflationary pressures, significant goodwill exposure creates vulnerability to asset impairment charges if tourism trends shift, substantial cash outflows from investing activities indicate ongoing capital intensity or strategic M&A activity that may impact liquidity, and volatile foreign exchange rates affecting international operations.
Extensive proprietary real estate portfolio of high-traffic tourist destinations, established brand recognition in the leisure travel sector, and integrated operational platforms that allow for synergies across parks and hotel divisions.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.